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Resultant Company cannot claim Demerger Expenses U/s. 35DD

September 21, 2020 4815 Views 0 comment Print

The issue under consideration is whether the deduction u/s 35DD for demerger expenses is allowed to be claimed by resultant demerged company?

Deeming Fiction of Sec 50C can’t be brought into Section 54/54F Exemption

September 21, 2020 3219 Views 0 comment Print

The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F?

Section 69 addition not justified if Assessee Explains source of Deposits in Bank based on Cash Book

September 21, 2020 4635 Views 0 comment Print

The issue under consideration is whether the addition made u/s 69 by AO due to undisclosed sources of cash deposits in bank account is justified in law?

No section 271B Penalty for Not Getting Books Audited if Reasonable Cause exist

September 21, 2020 10317 Views 0 comment Print

whether assessee can be held liable u/s 271B of the Act for not getting the books audited during the years when the advances were received from customers under percentage completion method?

Revenue cannot Reject Classification of Goods of Assessee without Cogent Evidences

September 21, 2020 1584 Views 0 comment Print

The issue under consideration is whether the Calcite Sand (Calcite Powder) is classifiable under CT 2503 9030 as mineral product or required to be classified under CTH 2836 5000 as a chemical?

Disallowance of Expenditure u/s 14A by AO without Recording a Satisfaction is Not Justified

September 21, 2020 1848 Views 0 comment Print

The issue under consideration is whether the disallowance of expenditure u/s 14A by AO without recording a satisfaction is justified in law?

Interest Paid on Security Deposit obtained from Members of Society is allowed u/s 57(iii)

September 21, 2020 5445 Views 0 comment Print

The issue under consideration is whether the Interest paid on security deposit obtained from the members of society is allowed as expense u/s 57(iii) of the Act?

Works of Supply of Water, Disposal of Sewerage Considered as Charitable Activities & Eligible for Exemption u/s 11

September 21, 2020 1107 Views 0 comment Print

The issue under consideration the activity of preparation of development plans and to execute works in connection with supply of water, disposal of sewerage and provisions of other services is considered as “charitable activities” and eligible for exemption u/s 11?

Outstanding Receivables are Part of Working Capital Hence No Separate Benchmarking Required for them

September 19, 2020 1560 Views 0 comment Print

The issue under consideration is whether the addition made on imputing interest on outstanding receivable from associated enterprises as its separate international transaction and its determination of ALP is justified in law?

Expense on Upgrade & Development of Product is Capital Expense

September 18, 2020 2643 Views 0 comment Print

The issue under consideration is whether the expenditure incurred towards upgraded and development of a product was to be considered as capital expenditure or revenue expenditure?

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